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Gradual Shift toward Sustainable and Environment-Friendly construction Materials Making Timber Frames a Popular Choice: Fact Report
ROCKVILLE, MD, UNITED STATES, June 6, 2024 /EINPresswire / -- Fact has released an updated study which places the global timber frame
market at a value of US$ 562.3 million in 2024 and forecasts it to rise at a CAGR of 7.1% through 2034. Market expansion is being complemented by a growing desire for sustainable and environment-friendly construction approaches.
Timber frames stand out for their minimal carbon footprint in comparison to conventional construction materials. These frames contribute to shorter project timelines, lower costs, and quicker construction processes. Increasing emphasis on energy efficiency and green building practices is amplifying the acceptance of timber frame construction, given wood's outstanding thermal properties. Sales of timber frames are influenced by government incentives and regulations that favor sustainable construction practices, propelling the acceptance of timber frames in construction.
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The architectural landscape is undergoing a transformative shift as timber frames gain prominence in the construction of residential buildings. The construction of a 284-foot-tall, 25-story mass timber structure in Wisconsin in 2022 marks a significant milestone in the evolution of construction methodologies. This feat not only showcases the structural integrity and versatility of timber but also highlights its sustainable attributes.
Key Takeaways from Market Study
The global timber frame market is forecasted to expand at a CAGR of 7.1% through 2034. Global sales of timber frames are estimated at US$ 562.3 million in 2024.
The market is projected to reach US$ 1.12 billion by 2034-end. The North American market is forecasted to expand at a CAGR of 7.3% through 2034.
Pine timber frames are estimated to account for 24.6% market share in 2024. East Asia is projected to account for 23.1% of the global market share by 2034.
“Timber frames are being extensively used in residential and commercial construction amid the increasing emphasis by regulatory bodies on the adoption of green building practices. Superior insulation and durability of timber frames ensure energy efficiency,” says a Fact analyst.
Competitive Landscape
Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Leading players in the timber frame market are Daizen Joinery, Tamlin Timber Frames, Zirnhelt Timber Frames, Texas Timber Frames, WIGO Group, Persimmon Plc, Walker Timber Engineering, and Carpenter Oak Ltd.
Key companies are collaborating, merging, and acquiring other businesses to gain a dominant share and complementary strengths and enhance their competitive positions in the market.
Market Developments
Leading timber frame producers are Daizen Joinery, Tamlin Timber Frames, Zirnhelt Timber Frames, Texas Timber Frames, and WIGO Group. Key market players are actively developing strong partnerships with other renowned and smaller companies worldwide to grab a larger market share.
In 2023, designer Jamestown announced the initiation of construction for a third building in the Ponce City area, Old Fourth Ward, utilizing locally sourced timber. The 619 Ponce City is set to be a four-story office building, offering 85,000 sq. ft. of office space and an additional 25,000 sq. ft. designated for retail spaces, accommodating shops and eateries.
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Country-wise Insights:
Expansive Utilization of Timber Frames in Residential Building and Robust DIY Culture
The United States is poised to showcase significant market expansion until 2034, buoyed by a surge in consumer preference for cost-effective housing solutions and streamlined construction schedules. Roughly one-third of timber usage in the region is earmarked for residential building repairs, renovations, and new constructions.
The burgeoning appetite for do-it-yourself (DIY) endeavors across the nation is serving as a catalyst for market growth. Timber frames play a pivotal role in DIY projects, offering consumers avenues to curtail construction expenses while fostering a trend towards personalized living spaces, particularly in recreational settings. In North America, the United States commands a formidable 44.5% share of the timber frame market.
More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the timber frames market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on truss (common, king posts, hammer beams, scissors), timber (pine, spruce, oak, fir, larch), and application (personal spaces, commercial spaces), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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